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(Afternoon): The pound surged against the euro after the European Central Bank announced a raft of measures to boost the eurozone and avert deflation. | |
The ECB cut its benchmark interest rate to 0.15% from 0.25% and lowered its deposit rate below zero, to -0.1%, to try to force banks to lend to business. | |
The ECB also offered banks new long-term funds. | |
The measures pushed the value of the euro down. The pound rose 0.4% against the euro to 1.2360 euros. | |
Earlier the Bank of England had left UK interest rates unchanged at 0.5% as expected. | |
On the stock market, the benchmark FTSE 100 index was up 10.56 points at 6,829.19. | |
Medical devices company Smith & Nephew rose 3.1% as the takeover speculation surrounding the company continued. | |
US company Medtronic is the latest company to be named as a possible suitor. Last week, it was reported that US firm Stryker was considering making a bid for Smith & Nephew, although Stryker subsequently denied the report. | US company Medtronic is the latest company to be named as a possible suitor. Last week, it was reported that US firm Stryker was considering making a bid for Smith & Nephew, although Stryker subsequently denied the report. |
Outside the FTSE 100, the biggest story came from online fashion retailer Asos, which saw its shares sink 31% after it issued a profit warning. | |
Asos said the strength of the pound had hurt overseas sales and forced it to launch a series of promotions. | |
Property website Zoopla announced the price range for its forthcoming flotation. It said its shares would be priced at between 200p and 250p, which would value the firm at about £940m. | Property website Zoopla announced the price range for its forthcoming flotation. It said its shares would be priced at between 200p and 250p, which would value the firm at about £940m. |